In part, I'm very much inclined to agree with shareboy; I...

In part, I'm very much inclined to agree with shareboy; I disagree that management performance to date is "Not a good track record" but I strongly agree that they "may never be a producing company".

I think Martyn50's comment - "CTM is an exploration company not a mine" - is valid to some extent. In my view CTM is in part an exploration company, but only to the extent that it enables them to enhance the value of a project, in order to realize shareholder value by either selling it off or joint venturing it and retaining an income stream without needing to become involved in developing a mine. Almost a "pump and dump" philosophy. Share prices languish once a company moves into the slow, boring process of mine and infrastructure development and I don't believe that this is what CTM is about.

Ignoring what seems to be the complete failure by Simulus to be "Moving Rapidly to Development" (Resource Rising Stars Conference presentation, June 2019), I see Itapitanga as an example of CTM's philosophy - find the ground, develop the exploration, the assays, the tonnage until it becomes attractive to an outside party, then handball it to them for on-going assessment and development and with the long-term objective of a mine being developed with CTM and shareholders retaining a cash-generating, carried interest.

Jambreiro - a proven, shovel-ready, government-approved project with a recently enhanced PFS, a BFS currently under way and in a buoyant market. It's moving along the path that a mining company would follow but I'll be very surprised if we actually get to mine it; in my view it will either be sold off or joint-ventured with another party being responsible for mine development. We simply lack the people to develop and run a mine, but more importantly I believe we also lack the intent.

I see Jaguar ultimately going the same way. Jaguar could very well be a life-changing project for CTM and for shareholders if the drilling fulfills the hopes and expectations that currently prevail, and my holding in CTM reflects that hope, but I have no expectation of becoming a part-owner of a mine. My expectation, assuming good drilling results, is JORC reserves/resources, PFS, further drilling, upgraded feasibility, all leading to enhanced share pricing, and then sell or JV.